1. Presented by: Patricia A. Fidler Student Financial Services
Orientation session
Presented by:
Patricia A. Fidler
Student Financial Services
Welcome and congratulations. My name is Patricia Fidler and I am an Assistant Director with Student Financial Services and I am exited about working with you all. There will be time at the end of the presenation for questions.

2. Student Financial Services
Location: B-401
Office Hours
Monday – Friday
9:00 A.M. – 5:00 P.M.
Phone:
bumc.bu.edu/osfs
If you are not already familiar with our office, we want let you know who we are and that we are up on the 4th Floor. Walk-ins are always welcome.

3. Services Offered by SFS
Administering aid: institutional, federal and private loans
Debt Management Counseling
Conduct entrance and exit counseling
Financial Fitness Fair on September 10, 2019
Approving cash refunds for living expenses
And much more

4. BUMC Housing Resources
Contact: Jonathan Brett
Housing Resources Manager & Senior Financial Aid Advisor
Phone:
FAQs: bumc.bu.edu/ohr/faqs
I suspect you all are settled with housing for the 19/20 school year but when you start looking into housing for the 20/21, take a look at the Housing Resource section on the SFS website. Info about other housing issues-landlord/tennent issues.
BU Real Estate:
bu.edu/realestate
BUMC Housing Resources:
bumc.bu.edu/ohr

5. Off-Campus Services https://offcampus.bu.edu
Search for Off-Campus Housing Listings
Save and compare listings side-by-side
Create and view roommate profiles
Post and search for sublets, furniture, and more!

6. Promissory Notes & Entrance Counseling
Required for any new borrower.
Federal Direct Loan/Graduate PLUS borrowers visit studentloans.gov to complete all Master Promissory note and Entrance Counseling requirements.
Requires FSA ID. Same credentials you use when completing FAFSA.
BUSM Institutional Loans promissory notes and entrance counseling are completed in person later in the month
2nd Promissory note for the Grad Plus loan. For those who have been offered a BUSM loan and where not able to make it to the early BUSM entrance counseling, more information to come via about setting up a time to come to SFS to complete the reequired loan paperwork.
Your FSA ID is used to sign legally binding documents electronically. It has the same legal status as a written signature. Don't give your FSA ID to anyone or allow anyone to create an FSA ID for you—not even your parent, your child, or someone helping you fill out the FAFSA® form. Sharing your FSA ID is like teaching someone to forge your signature; and it could put you at risk of identity theft!

7. Federal In School Deferment Form
Available through your Loan Servicer
Check for servicer information
Obtain the fax number to return the form
Form is completed by the BUSM Registrar
4th Floor A-Building
Provide the Registrar’s office with the fax number
They want make sure that their past federal loans go back into deferment.

8. Private Credit-Based Loans
Credit-Based Loan Options:
Considerations when choosing a Private Loan:
Interest Rate
Terms and Conditions
Customer Service
Repayment Options
Co-Signer Release
If you are looking for an alternative to the Federal loan programs, feel free to follow up with me and we can discuss your options As of July 1, Grad Unsub 6.08% Fixed. 18/19 Grad Plus 7.08% Fixed. Private loan will most like be variable.

9. Certifying Private Loans
Most lenders automatically inform our office once your loan is ready for certification.
Please allow 10 business days for SFS to certify a private loan. SFS typically certifies loans once a week.
If your loan has not been certified:
Check with the lender to confirm your requirements are complete.

10. International Students
For information on Private Credit-Based Loans that may or may not require a co-signer, please see: of-aid/loans/credit-based-loans.
Students whose citizenship status changes during matriculation may become eligible to receive Federal Loans. If this occurs, and you are interested in applying for Federal Loans, please contact us.
If a student as questions about if they would be an eligible non-citizen, direct them to the eligibility drop down tab and look for citizenship.

11. Reapplying for Financial Aid
Apply Annually
Instructions are ed to your BU address
Free Application for Federal Student Aid (FAFSA)
FAFSA available as early as October 1
Scholarship Opportunities:
bumc.bu.edu/osfs/resources/scholarships
Because of prior prior year—FAFSA is available Oct 1st. No parent information is required.

12. Building Your Own Budget
Identify your financial goals
Quantify your resources
Estimate your expenses
Determine borrowing needs not wants
Do the math – do you have a surplus or deficit?
INCOME ≥ EXPENSES
Needs vs Want—If it better to use public transportation vis Uber/Lyft. The goal is to have a surplus at the end of the month. For the first your first 2 years, when budgeting please don’t forget to include the 2 months when you are not in classes but need to continue to cover your living expenses.

13. Sample Budget: 2019-2020 Total Living Expenses: $19,660 Monthly: $1966
(Includes Room & Board, Personal & Transportation Allowances)*
$19,660
Monthly:
$1966
Sample Monthly Budget:
Rent: $1,200
Utilities: $ 100
Food: $ 400
(includes eating out)
Phone: $ 100
(land line OR cell phone)
Transportation: $ 75
Total Expenses: $1,875
10 months

14. Cost of Attendance (COA) Increase Appeal
Complete COA Increase Appeal Form and submit supporting documentation
Each request is reviewed based on your unique situation
Commonly approved items include:
Limited increases for rent (excludes MSR)
Childcare expenses
For a listing of unallowable expenses please visit
All expenses listed on this form must be supported by appropriate documentation.
If you find yourself needing some additional loan funds we can check if we can increase your COA.

15. Request a Refund (Direct Deposit)
How Do I Request My Living Expense Money?
Submit a request through the Student Link
You must enter a value $1.00 or higher; we will send the available credit to you
You must repeat the process every time you have a new credit
Requests are reviewed no sooner than the first day of class – expect the funds 5-7 business days later

20. You can use your cell phone

21. You can cancel or reduce any loan at (almost) any time during the academic year.
Federal Funds returned within 120 days of disbursement:
The interest accrued and fees assessed will be reversed.
After 120 days:
You will be responsible for any accrued interest and fees.
View your account on the Student Link. Determine what you want to return and advise SFS to adjust your account.
Reducing Loans
If you borrow more then you need, follow up with the office to discuss how much you would like to return. You might not want to rush to return the funds because if something comes up you might not have the time to reapply.

22. BUSM Loan
Provided by donors through the Alumni and Development Offices
Interest-Free and payment-deferred while at BUSM
Payments and interest can be deferred while in internship, residency and fellowship
You must complete a Deferment Request form each year
Once you’re an attending, you can no longer defer payments/interest
12-month Grace Period
10-year repayment period
Repayment is handled by Student Loan Accounting
Loan information can be viewed on
For those who qualify for a institutional need-based loan

23. Student Loan Accounting
881 Commonwealth Avenue (Lower Level) Boston, MA
Monday-Friday 9 a.m. to 5 p.m.
(617)
bu.edu/studentloanaccounting
Last Names A-L
Last Names M-Z

24. Repayment of Federal Loans
Repayment begins 6 months after you graduate for Federal Direct loans
Your first payment for your Grad PLUS loan will be due 45 days after graduation
Loans that were in repayment before entering Medical School go into repayment immediately

25. Federal Repayment Plans
Standard Repayment Plan
10 year payment plan
Payments are fixed
Not a good option if seeking PSLF
Graduated Repayment Plan
Payments are lower initially, increase every 2 years
Extended Fixed Plan
25 years
Will pay more over lifetime of loan
No Prepayment Penalty with Federal Loans
PSLF—Public Service Loan Forgiveness. In the end, when you graduate you would go back to you’re the servicer about your option but here is a FYI about is currently available.

26. Income Driven Repayment Plans
Pay As You Earn (PAYE)
Must display financial hardship
Monthly payments will be 10 percent of discretionary income
Good option if seeking PSLF
Any outstanding balance will be forgiven after 20 years
Revised Pay As You Earn (REPAYE)
Do not have to display financial hardship
Any outstanding balance will be forgiven after 25 years
Income-Based Repayment (IBR)
-Must display partial financial hardship
-Good option if seeking PSLF
-Any outstanding balance will be for forgiven after 20
or 25 years
Must reapply annually!
Cont. brief overview

27. Loan Forgiveness Options
501c3-nonprofit organization. Part-time=4 years contract

28. Repaying Private Loans
The terms and conditions vary; check in with your lender
Always follow up when making additional payments
Ask about incentives for on-time payments and co-signer release
Some private loans may have flexible payment plans
See if there is an incentive for automatic bill pay.

29. SFS Newsletter
Check your BU for periodic updates from me.

30. Questions?